It looks like Newcastle United owner Mike Ashley is going to be successful in his bid to give Rangers a loan, and therefore tighten his grip on the famous Glasgow side.
Mike Ashley – Newcastle United owner
There are two pieces of news which seem to show the tide turning in Ashley’s favor, one is that financial consultant Philip Nash is resigning from the Board – and he is one of the Directors Alan Pardew wanted removed.
As part of the deal, CEO Graham Wallace will also step down, and he was one of the two Directors, along with Philip Nash, who Ashley wanted removed from the Board.
The news is that the Rangers Board have turned down a late offer from former Sale Sharks owner Brian Kennedy, and they have accepted Mr Ashley’s offer, which was given to them a day ago.
An official announcement is expected from Rangers on Monday,a dn if this news is accurate, it will also mean that the offer of £16M from former Director Dave King will not be successful.
The Ashley loan is just £2M, but with an option of another share issue, which will allow Rangers to raise new funds.
It looks like Mike Ashley has won this particular battle, but he already owns just under 9% of the Rangers club, and 10% is the limit set by the Scottish FA.
So if the share issue does not bring in the needed funds, maybe another loan from Ashley is in the offing?
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